Metlife boosts share buyback program to $1 billion

The MetLife building is seen in New York, March 8, 2010.Shannon Stapleton

(Reuters) - Metlife Inc (MET.N), the largest U.S. life insurer, said it has increased its share repurchase program to $1 billion.

Metlife had about $261 million pending under its existing buyback program, the company said in a filing on Tuesday.

Chief Executive Steven Kandarian said the new authorization was consistent with the company's capital management strategy as it awaited clarity on the capital rules for federally regulated life insurers.

MetLife is challenging its designation as being systemically important to the economy, often referred to as "too big to fail".